mBank sets price for PZU shares

Commercial lender mBank has set the price of PZU's shares at PLN 37.75 each in an accelerated book-building process. The bank is selling 4.7 million shares in the state-owned insurer, which corresponds to a 0.55 percent stake. DM mBank and J.P. Morgan Securities have been appointed global coordinators and joint bookrunners for the placing of the 0.55 percent stake. PZU is one of the biggest insurers in the CEE, its assets amounted to PLN 67.57 billion in 2014. mBank is Poland's fourth-biggest bank by assets and a unit of Germany's Commerzbank.